Madison Metals Inc. (CSE: GREN) (OTCQB: MMTLF) (FSE: 4EF0) is pleased to announce that, further to its press releases dated March 12, 2024, March 25, 2024 and April 5, 2024, it has issued 860,000 units at a price of CDN$0.35 per unit for aggregate gross proceeds of CDN$301,000 in connection with the second tranche of a private placement. The first tranche of the Private Placement consisted of the issuance of 3,069,600 Units on March 25, 2024 for aggregate gross proceeds of CDN$1,074,360.

Each Unit consists of one common share and one-half common share purchase warrant. Each full Warrant entitles the holder thereof to purchase one Common Share in the capital of the Company for a price of CDN$0.50 for a period of eighteen months from the date of issuance.

In connection with the Private Placement, the Company paid compensation to certain eligible finders consisting of cash finder’s fees in an aggregate amount of CDN$34,484.97 and issued 98,527 finder’s warrants, with each finder’s warrant entitling the holder to acquire one common share of the Company for a period of eighteen (18) months from the date of issuance at an exercise price of CDN$0.50 per common share.

The Units were sold pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 Prospectus Exemptions. The Company filed a Form 45-106F19 offering document on March 12, 2024 and an amended Form 45-106F19 offering document on April 5, 2024 related to the Private Placement, both of which are accessible under the Company’s SEDAR+ profile at www.sedarplus.ca and on the Company’s website at www.madisonmetals.ca. The securities issued pursuant to the Private Placement are not subject to any statutory hold period in accordance with applicable Canadian securities laws.

The proceeds from the Private Placement will be used by the Company primarily to commence drilling activities at the Khan high-grade uranium discovery in Namibia, for acquisition costs and general working capital.

About Madison Metals Inc.

Madison Metals Inc. is an upstream mining and exploration company focused on sustainable uranium production in Namibia and Canada. With over 50 years of mining experience, including 22 years in Namibia, its management team has geological and financial expertise and a track record of creating shareholder value.